Investors' dissatisfaction in classical Bitcoin resulted in occurrence of various sort of branching (forks) which receive not only an additional attachment to title, but also a series of functionalities, beyond the reach parent platform. Bitcoin Gold (BTG) was created, as the next attempt to destroy the monopoly of large companies obtaining cryptocurrency and by that putting under doubt Bitcoin's network decentralization principle.
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Bitcoin Gold developers created an alternate cryptocurrency, the main difference of which, is opportunity to extract coins even on the most simple computer equipment. Popularity of Bitcoin and subsequent growth of cost of virtual currency practically common users were unscrewed from it , for which purchase of overproductive equipment for acknowledgement of transactions turned out expensive pleasure.
Bitcoin Gold motto sounds so: “To make Bitcoin decentralised again”. For realisation of conceived, developers stopped their choice on other hashing algorithm, which makes difficult mining on powerful ASIC equipment. Bitcoin Gold Creators offered to use work proof algorithm called Equihash, thereby declining all known SHA-256. Finally, network users had an opportunity of mining of gold coins and to be independent of capacity of their equipment.
Bitcoin Gold should account for competition to the platform called Ethereum, as it too does not use cryptographic methods of hashing incorporated to ASIC work . One more feature of Bitcoin Gold is support of the technology SegWit, which increases the amount of transactions of one block and supplies protection from repetitions.
Interesting fact in work of Bitcoin Gold is not only the way of mining, but also opportunity of convertation of virtual coins of classical Bitcoin. So, if you possess one Bitcoin it means that You can use it, as one Gold Bitcojn. Double or reuse coins is excluded, indeed the technology of block chain confirms uniqueness of each transaction.
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The fork to Bitcoin Gold allocated a new platform to separate network at the end of 2017 and even, in spite of it, cost of one coin in the beginning of 2018 exceeds hundred dollars. Until it is hard to assert that Bitcoin Gold will become an alternate cryptocurrency for Bitcoin, as it is hard to interest users to extract a less popular currency.
According to the opinion of the experts of cryptocurrency market, Bitcoin Gold has not bad chances to enter in top of 20 digital currencies on the level of capitalization in 2018.
Editor: Yuliya Soroka